Income Talk Podcast
Launched in 2024, Income Talk Podcast is your practical, no-fluff guide to building, protecting, and growing money—whether you’re a new side-preneur, a seasoned small-business owner, or someone trying to take control of personal finances. Each episode delivers clear, usable advice from accountants, entrepreneurs, financial planners, and industry insiders. We break down complex topics into steps you can implement right away—no jargon, no pressure, just real-world guidance to improve your income and financial future. Have a question, a topic suggestion, or a story to share? Email us or send a voice note—we often feature listener situations and offer tailored advice on the show.
Income Talk Podcast
A Practical Guide To Side Hustles, Bill Cuts, And Year-End Tax Prep
Money momentum doesn’t come from a lottery ticket or a 70-hour grind. It starts with one focused skill, a cleaner bill stack, and a system that moves cash to savings and investments before you can spend it. We walk through a practical path to boost income, slash recurring costs, and lock in progress with automation, then pivot into a step-by-step year-end tax playbook that turns December into a win instead of a scramble.
We start by narrowing your side hustle to a single marketable skill and treating it like a micro business: set hours, define your offer, use marketplaces to land early clients, and track every dollar to see what scales. Alongside that, invest in upskilling where your industry pays best—data analysis, project management, or digital marketing—and build a small portfolio that proves what you can do. Then plug the leaks: audit subscriptions, cut dead weight, and negotiate essentials using a simple script and competitor pricing. Redirect every saved dollar immediately to a high-yield savings account or a tool that raises your earning power. Automation finishes the job by moving money the day after payday into an emergency fund and a low-cost investment account.
From there, we shift into proactive year-end tax planning. You’ll get a clean records checklist (W-2s, 1099s, 1098s, brokerage statements, receipts), smart timing for charitable giving, and a clear explanation of deduction strategies like bunching contributions. For business owners and freelancers, we cover ordinary and necessary expenses, contemporaneous mileage logs, home office rules, and when Section 179 or bonus depreciation may make sense. We close with a December timeline: reconcile early, give and adjust payroll mid-month, and finalize purchases late in the month, all while documenting everything to avoid April chaos. If your situation is complex, we explain when a qualified tax pro can pay for themselves.
Ready to build steady gains and a calmer tax season? Follow the plan, subscribe for more practical money tips, and leave a review to share what step you’ll take this week.
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SPEAKER_00:Hello and welcome to Income Talk Podcast.com. Money Matters. I'm DJ Mikey D. For this episode, we're talking about something I think a lot of us need to hear. Improving your financial situation doesn't always require a major life overhaul. You don't have to quit your job, move across the country, or win the lottery. Real, lasting change often comes from small, actionable steps that you can start well, right now. So let's get into it. First up, let's talk about boosting your income without waiting for that annual review or hoping for a promotion. I'm talking about the side hustle. Now I know, I know you're busy, but hear me out, this isn't about working eighty hour weeks. It's about identifying one marketable skill you already have. Maybe you're great at writing, or you can edit videos or you know your way around a spreadsheet. The key is to treat it like a small business from day one. Set specific hours, maybe just five hours a week to start. Use platforms like Upwork or Fiverr to find your first few gigs, and crucially track every dollar that comes in. That mindset shift from doing a little extra work to running a micro business changes everything. It makes you more professional and helps you see the real potential. Now, alongside that, or maybe even instead of it if you're not ready for a side gig, is upskilling. This is investing in yourself. Look at your industry. What skills are in high demand right now? Is it data analysis, project management, digital marketing? There are so many affordable certificates and focused training programs online. The goal isn't just to collect a certificate, it's to build a small portfolio. Did you take a course on social media ads? Run a mock campaign for a fake product and document the strategy. That portfolio becomes your proof. It's what you can show your current boss to argue for a raise or take to a new employer to land a better paying job. It's making your skills visible and valuable. Okay. So we've looked at bringing more money in. The other side of the equation is just as powerful stopping money from leaking out, and I'm talking about your recurring costs. How many subscriptions do you have? Streaming services, software, gym memberships you haven't used since January. Let's do an audit. Take one hour this weekend, open your bank statement, and list every single monthly and annual charge, then be ruthless. Cancel what you don't use. For the essentials like your internet, cell phone, or insurance, this is where negotiation comes in. Negotiating bills is a skill, and it's easier than you think. Do a little research first. Find a competitor's price for a similar plan. Then call your provider. Be polite but direct. You can say something like Hi, I've been a customer for X years, and I've noticed competitor is offering a similar plan for twenty dollars less. I'd really like to stay with you. Is there any loyalty discount or a lower tier plan you can move me to? This works for internet, cable, even some insurance and medical bills. The money you save here is pure profit. And here's the critical part. Don't let that saved money just disappear into your daily spending. Reallocate it immediately, send it straight to a high yield savings account, or use it to buy a tool for your new side business. Which brings me to my favorite tool, automation. Once you've freed up some cash flow from cutting bills or started earning a little extra, you have to protect it. The best way to do that is to make saving and investing completely mindless. Set up an automatic transfer for the day after you get paid, even if it's just twenty five dollars or fifty dollars, send it to a separate savings account for an emergency fund, aim for one month's expenses to start, send another small amount to a low cost investment account. This does two things. It ensures consistency, which is the engine of wealth building, and it removes temptation. You never see the money, so you never miss it. Your future self will thank you. So how do you start without getting overwhelmed? Try a simple monthly plan. Week one, the audit. Go through your bills and subscriptions. Make the calls, cancel what you don't need, negotiate what you keep. Week two, automation. Set up those automatic transfers to savings and investments. Week three, the side hustle launch. Spend a few hours setting up a profile on a gig platform or outlining your service. Week four, skill building. Block out two hours to research one high demand skill and sign up for a beginner course. Small, consistent actions, they don't feel like much. In the moment, but they compound. Over six months or a year the difference is staggering. You've increased your income, decreased your outgoings, and put your savings on autopilot, all without a single dramatic life change. That's it for this episode on the financial reset. Remember, the goal isn't perfection, it's progress. Pick one small step from today's chat and commit to it this week. Thanks for listening and I'll catch you next time. Stay tuned in as we discuss preparing for your end of year tax preparation strategies right after these messages. Hey everyone, welcome back to Income Talk Podcast.com Money Matters Podcast. I'm DJ Mikey D, and for this episode we are going to discuss a crucial year end mission proactive tax planning. As the calendar winds down, a little organization can seriously reduce surprises, maximize your lawful deductions, and make filing a whole lot smoother. So grab a notepad or just listen along because this is your concise guide to getting ready before december thirty first. All right, let's start at the Absolute Foundation. You need a clean verified record system. I know, I know, it sounds boring, but trust me, this is where the magic or at least the lack of panic happens. Your first job is to gather your key documents. We're talking W two's ten ninety nines, any forms ten ninety eights for mortgage interest, your brokerage year end statements, property tax receipts, and your year end bank statements. Then you need to reconcile. Open up your bookkeeping software or that spreadsheet you've been meaning to update and make sure your recorded income and expenses match what your bank and statements say. This is about accuracy, and for the love of all things organize, keep digital copies and back them up. Organize your receipts by category and date. Miscellaneous is not a category. Office supplies from October is. Makes retrieval so much easier come filing time. Now let's talk about one of the most common areas people think about charitable donations. The timing, documentation, and strategy here are key. A charitable gift is deductible in the year it's paid. So if you want it to count for this tax year, that donation needs to be made by december thirty first, no exceptions. For cash donations, you need a bank record, a payroll deduction record, or a written acknowledgement from the charity itself for any single contribution of two hundred fifty dollars or more. For non cash donations, like that old couch you donated, you need a receipt describing the items and their condition. High value items might even need a qualified appraisal. But here's a pro tip. If your total itemized deductions are hovering near the standard deduction threshold, look into bunching. That's where you combine multiple years worth of charitable gifts into one year to push you over that standard deduction line and get a tax benefit. It's a strategic move worth considering. Switching gears to all you business owners and self employed folks out there, this time of year is critical for you. You need to review your expenses. Ordinary and necessary business expenses, think supplies, advertising, professional fees, rent, utilities, business insurance are generally deductible if you can substantiate them. If you use part of your home exclusively and regularly for business, you may qualify for the home office deduction, and track your business mileage. You need a contemporaneous log, that means as it happens, not reconstructed in April. You can deduct either the standard mileage rate or your actual vehicle expenses. Also look at any equipment purchases. Things like computers or machinery might be deductible under Section one hundred seventy nine or bonus depreciation rules, which can let you accelerate those deductions. And don't forget to review your retirement contributions and make sure your fourth quarter estimated tax payments are on track. It's a lot, but tackling it piece by piece now saves a massive headache later. Beyond charity and business, there are other important items on the checklist medical expenses, state and local taxes, the salt deduction, education expenses, student loan interest, and even energy credits for certain home improvements. Make a list of what might apply to you and see if you need to take any action before the year ends. Let's put this on a practical timeline. Early December? That's now. Reconcile your bookkeeping. Identify deductible expenses you could possibly accelerate or need to incur. By mid-December, aim to make any planned charitable gifts and finalize any payroll changes. In late December, finalize any last minute business purchases and consider prepaying some deductible expenses if it makes financial sense for you. Then in early January, be ready to collect all those incoming tax forms from employers, banks, and brokerages. The golden rule through all of this, document everything. The IRS loves contemporaneous records, receipts, logs, acknowledgements, avoid taking aggressive positions without a solid basis. And for the love of your sanity if you have complex issues, like a deep dive into itemized deduction strategy, big retirement plan contributions or depreciation choices, consult a qualified tax professional. Their fee is often a deductible expense and their guidance is priceless. So to wrap it all up, year end tax prep is largely about organization, timing, and documentation. Identify the deductible items you can still influence before december thirty first, get your records in order, and keep everything clear. A little proactive effort now makes April a much calmer experience. You've got this. Thanks for listening to the Tax Prep Podcast. I'm DJ Mikey D. Until next time. Stay organized and plan ahead. Be sure to sign up for our newsletter to get the latest podcast, the link will be in the description, of this podcast or visit income talkpodcast dot com. 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